U.S. PETROLEUM DRILLING UP 35%
API - Natural gas and oil drilling and completions rose more than 35 percent over 2017 levels signaling the strength of the U.S. natural gas and oil industry. In addition, the success rate for exploration of natural gas and oil was more than 60 percent, the highest rate since 2009.
"Today's report shows demonstrable progress and a strong future for the U.S. as the world's top producer and refiner of natural gas and oil," said API Chief Economist Dean Foreman. "With strong activity and continued technological gains in natural gas and oil production, we need to ensure that our nation's infrastructure keeps pace so that consumers, workers, and the environment can continue to experience the benefits of increased American energy production. Promoting our nation's energy infrastructure is a $1.3 trillion proposition that could support one million jobs per year through 2035 and help our economy to grow, make environmental progress, and increase our national security with abundant energy production."
In the first quarter of 2018:
- The U.S. natural gas and oil industry experienced a 35 percent increase in drilled footage and a 37 percent increase in well completions, compared with Q1 2017.
- The Exploratory success rate in Q1 2018 was above 60% and at its highest since 2009.
- For Exploration (as opposed to Development) wells, completions rose by 29 percent, while drilled footage increased by 45 percent, which suggests continued technological progress in Exploration.
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API - American Petroleum Institute reported that the first four months of this year saw U.S. petroleum demand average 750 thousand barrels a day above the same period in 2017 despite higher prices, a sign of solid economic activity. April also saw the U.S. produce a record 10.5 million barrels per day (MBD) of oil.
IMF - “Egypt’s growth has continued to accelerate during 2017/18, rising to 5.2 percent in the first half of the year from 4.2 percent in 2016/17. The current account deficit has also declined sharply, reflecting the recovery in tourism and strong growth in remittances, while improved investor confidence has continued to support portfolio inflows. In addition, gross international reserves rose to $44 billion by end-April, equal to 7 months of imports.
BAKER HUGHES A GE - U.S. Rig Count is up 1 rig from last week to 1,046, with oil rigs unchanged at 844, gas rigs up 1 to 200, and miscellaneous rigs unchanged at 2. Canada Rig Count is up 4 rigs from last week to 83, with oil rigs up 6 to 38 and gas rigs down 2 to 45.
REUTERS - Brent crude futures LCOc1 were at $79.57 per barrel at 0310 GMT, up 27 cents, or 0.3 percent from their last close. Brent broke through $80 for the first time since November 2014 on Thursday. U.S. West Texas Intermediate (WTI) crude futures were at $71.62 a barrel, up 13 cents, or 0.2 percent, from their last settlement.